Andrea Orcel court showdown postponed after UBS chair fails to show as witness
UniCredit CEO is suing over millions of euros in lost pay in Santander’s aborted job offer
The court showdown between new UniCredit CEO Andrea Orcel and Banco Santander chair Ana Botin over millions of euro in lost pay took an unexpected turn on Wednesday, after witnesses from Orcel’s former employers at UBS Group failed to attend the hearing.
The case, in which Orcel is suing Santander for reneging on an offer to hire him as CEO in 2019, was halted as a result of the absence of UBS chair Axel Weber and another executive. Orcel was head of the Swiss lender’s investment bank and walked away from an initial $50m in deferred pay when he attempted to join Santander. He has since recouped some of those funds...
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